Patriot Tower is being considered for millions of dollars of city incentives intended to redevelop the under-utilized 30-story skyscraper at 350 N. Saint Paul St. in downtown Dallas.

The $40 million redevelopment proposal includes updating about 300,000 square feet of office space and converting a portion of the office building to at least 210 apartment units, according to city documents.

Cypert did not immediately return phone calls asking for additional comment after details of the project were released by the city.

The City of Dallas' Economic Development Committee has approved a 10-year, 90 percent tax abatement for Encore Office. The incentive package is estimated at nearly $2.9 million. If the city council approves the committee recommendation on Wednesday, Encore Office could also receive up to $2 million in an economic development grant, which would be paid in two increments over two years beginning Dec. 31, 2013.

If the project moves forward, the revamped office space could be completed by August 2013. The apartments would be scheduled for completion by June 2014.

Patriot Tower's occupancy rate is 36.9 percent. That rate is expected to drop significantly when Greyhound Lines Inc. — the building's primary tenant — moves out of the building.